Flare DeFi TVL Doubles to $124M as Kraken Enables USD₮0 Transfers

Flare Networks announced today that USD₮0, the omnichain stablecoin backed 1:1 by Tether’s USDT, is now supported by Kraken, coinciding with a sharp rise in the network’s decentralized finance (DeFi) total value locked (TVL).

Since USD₮0 went live on Flare on April 28, the network’s DeFi TVL has more than doubled, climbing from around $64 million to over $124 million as of Monday, May 5, according to DeFiLlama data.

With the Kraken integration, users can now move USDT directly onto Flare as USD₮0 – without needing token conversions, bridges, or third-party platforms, Flare Network explained in a post on X, formerly Twitter.

The activation marks a significant milestone for Flare and the broader XRPfi movement, which refers to DeFi built on XRP’s infrastructure, according to Flare co-founder and CEO Hugo Philion.

"Kraken’s integration is a significant step forward for Flare’s DeFi ecosystem," said Philion in a press release viewed by The Defiant. This streamlined off-ramp, Philion added, makes it easier for users to access secure, hassle-free liquidity – helping drive faster adoption and scalability for XRPfi.

At the time of writing, Flare’s native token has a market capitalization of $1.2 billion, up 47% over the past month, according to CoinGecko. Meanwhile, Ripple’s XRP is priced at $2.14, relatively unchanged over the past month, and boasts a market cap of nearly $125 billion.